Markets saw an end to the 6-day red streak with a slight rebound Friday after becoming steadily oversold throughout the week. There are many high-profile earnings reports scheduled to be released next week, and along with Ben Bernanke’s semi-annual report to congress and the final details of the Spanish bank bailout set to be announced, this trading week will be an interesting one. The top-performers from this week came from the healthcare sector along with 2 inverse leveraged ETFs.
The stock and ETFs in this week’s Big Weekly Winners: Swing Trading with PowerRatings all earned PowerRatings of 8 or higher one week ago on July 6, 2012.
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Performance of 7/06/12 – 7/13/12 Trading Week
BioCryst Pharmaceuticals, Inc. (BCRX)
BioCryst Pharmaceuticals, Inc. shares surged on Thursday and Friday after a lull in volume earlier in the week to secure an almost 10% gain. BCRX now enters Monday’s trading above its 50 and 200-day moving averages in thoroughly overbought territory.
- 7/06/12 Entry Price: 3.90 with a PowerRating of 8
- 7/13/12 Exit Price: 4.27
- Gain: 9.49%
Direxion Daily Latin America Bear 3x Shares (LHB)
Direxion Daily Latin America Bear 3x Shares gapped-up sharply on Monday to start the trading week, and despite then gapping-down on Friday was able to realize a 7.72% gain for the week. Currently in a period of higher volatility, LHB is an inverse leveraged ETF correlated with performance of the S&P Latin America 40 Index.
- 7/06/12 Entry Price: 13.48 with a PowerRating of 8
- 7/13/12 Exit Price: 14.52
- Gain: 7.72%
ProShares UltraShort MSCI Japan (EWV)
ProShares UltraShort MSCI Japan has gradually climbed from oversold territory since last Tuesday’s close, ending this week’s trading slightly down on Friday but still with a little over 4% gain. EWV is an inverse leveraged ETF corresponding to twice the opposite of the daily performance of the MSCI Japan Index.
- 7/06/12 Entry Price: 33.77 with a PowerRating of 8
- 7/13/12 Exit Price: 35.14
- Gain: 4.06%
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Joshua Glasgall is Editor in Chief of Connors Research